Falcons owner Arthur Blank has sold a three-level Buckhead mansion for millions of dollars less than he once hoped to get for the property.
The home in the 3600 block of Tuxedo Road sold for about $3.9 million in a deal that closed Sept. 15, according to recent First Multiple Listing Service Inc. data. The home’s sales price was once listed at more than $10 million.
Efforts to reach the Home Depot co-founder and a spokesman for the Arthur M. Blank Family Foundation were unsuccessful Friday.
News of the sale comes weeks after Blank, who also has a residence on West Paces Ferry Road in Buckhead, and his wife, Stephanie, announced they were separating after 16 years of marriage.
Blank, 68, nearly sold the Tuxedo Road home for what he paid for it in 1993, when he reportedly bought it for $3.3 million. The sale price, however, doesn’t reflect the ton of money he presumably spent to maintain and upgrade the property over the years. One of its most recent selling points was “a brand new kitchen by Design Galleria, new master bath [and] three full finished levels.”
The residence, built in 1952, is a colonial revival-style house. It has seven bedrooms, nine bathrooms, a wine cellar, library-office, media room and recreation room. The grounds feature a private lake with waterfalls and Koi ponds, and mature gardens visible from the home’s iron balconies.
In July 2008, the Tuxedo Road home was priced at $10.9 million, according to data tracked by Zillow.com. By September 2009, the price was down to $6.9 million, and by March 2011, the price was at $4.9 million.
The downturn in metro Atlanta home prices has been no respecter of socio-economic status. Prices in July were 5 percent lower than a year ago and about where they were in June of 2000, according to Standard & Poor's Case-Shiller home price index.
Fulton County appraises the Tuxedo Road property at $4.8 million. Property taxes run about $84,000 a year, according to CoreLogic, which compiles real estate data from public and private sources.